Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At EV Energy Partners LP ( EVEP ), a filing with the SEC revealed that on Thursday, John B. Walker bought 300,000 shares of EVEP, for a cost of $14.25 each, for a total investment of $4.28M. Walker was up about 2.4% on the buy at the high point of today's trading session, with EVEP trading as high as $14.59 at last check today. EV Energy Partners LP is trading up about 2% on the day Monday. Before this latest buy, Walker purchased EVEP at 3 other times during the past year, for a total cost of $3.76M at an average of $24.55 per share.
And at Nuveen Floating Rate Income Opportunity Fund ( JRO ), there was insider buying on Wednesday, by William J. Schneider who purchased 17,000 shares at a cost of $11.76 each, for a total investment of $199,925. Nuveen Floating Rate Income Opportunity Fund is trading down about 0.1% on the day Monday. Bargain hunters have the opportunity to snag JRO at a price even lower than Schneider did, with the stock trading as low as $11.61 at last check today which is 1.3% under Schneider's purchase price.